sebi:WTM/PS/73/ISD/FEB/2014
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Facts / Headnote
Proceedings disposed of without passing any further directions, as the recommended period of prohibition had already been undergone.
Provisions invoked
- s. 19
- s. 12
Regulations
- Reg. 3
- Reg. 13
- Reg. 4(1)
- Reg. 28
- Reg. 5(1)
Parties
- Karvy Consultants Private Limited (KCPL)
Holding
KCPL, acting as Registrar to an Issue, failed to maintain arm's length distance from other Karvy group entities and its acts and conduct were unfair and fraudulent, violating Section 12A(a), (b) and (c) of the SEBI Act and Regulations 3 and 4(1) of the PFUTP Regulations. However, no further penalty was imposed as KCPL had already undergone the nine-month prohibition recommended by the Enquiry Officer.
Full text
Page 2 of 14 dated April 27, 2006. The order dated May 26, 2006, also clarified that the said direction will not apply to KCPL as Registrar and Transfer Agent to mutual funds.
Page 3 of 14 proceedings as against Karvy Stock Broking Limited, appropriate penalty may be imposed on KCPL in accordance with the applicable regulations. Thus, the appeal filed by KCPL before the Hon'ble SAT against the order dated May 26, 2006 had become infructuous and the same was disposed of vide order dated March 02, 2007.
Page 4 of 14 Advocate, represented the entity and made submissions on behalf of KCPL. Mr. C. Parthasarathy, Chairman and Managing Director, Mr. Muthuswamy Iyer, Vice President - Compliance, Mr. V. Mahesh, Authorized Person, were also present in the hearings.
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Source: SecMarx — sebi:WTM/PS/73/ISD/FEB/2014. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.